Asked by ALANA MANNING on Jun 05, 2024
Verified
Normal Balance
The side (debit or credit) on which entries increase an account's balance, based on the accounting equation.
Financial Statement
A written record that conveys the financial activities and conditions of a business or individual, typically including the balance sheet, income statement, and cash flow statement.
Permanent/Temporary
This refers to the nature of employment or status of objects wherein 'permanent' indicates indefinite duration and 'temporary' indicates a fixed duration.
- Digest the concept of accounts classification and understand their conventional balances.
- Unravel which financial statements include various accounts.
- Outline the distinction between immutable financial records and those of a temporary nature.
Verified Answer
BJ
